Multi Housing News September 2012 : Page 16
market pulse Apartment Traffi c Trends National Trends in Rental Applicant Traffi c Application Rate (difference from avg) Signals 0.015 Jobs Traffic 600 U.S. Job Change (thousands) 0.010 0.005 0.000 -0.005 -0.010 -0.015 Oct’08 Oct’09 Oct’10 Jan’09 Jan’10 Jan’11 Oct’11 Apr’08 Apr’09 Apr’10 Jan’12 Apr’11 Apr’12 400 200 0 -200 -400 -600 -800 Jul’0 8 Jul’0 9 0 Jul’11 Jul’1 Positive Trend Status Quo -0.020 Negative Trend Inconsistent job growth appears to be generating large fl uctuations in apartment application volumes. Credit Trends Applicants with: Recent Medical Debt Thin/No Credit Recent Bankruptcy Positive Trend Acceptance Rates Apr 2011 30.94% 32.06% 2.55% 1.29% Positive Trend Apr 2012 30.86% 31.22% 2.53% 1.02% Last 12 Mos. 34.01% 32.78% 2.75% 1.11% Applicant Score Accept Conditional Decline Apr 2012 42.51% 37.14% 20.35% Last 12 Mos. 40.66% 37.63% 21.71% Apr 2011 42.08% 37.14% 20.78% Recent Foreclosure National acceptance rates show slight improvement in April. Source: RentGrow, U.S. Bureau of Labor Statistics The percentage of apartment applicants with a recent foreclosure on their credit reports is at its lowest level since 2006. New York City Foreclosures NYC Multifamily Scheduled Foreclosure Auctions 80 70 60 50 40 30 20 Q1’09 Q2’09 Q3’09 Q4’09 Q1’10 Q2’10 Q3’10 Q4’10 Q1’11 Q2’11 Q3’11 Q4’11 Q1’12 Q2’12 Data refers to unique quarterly properties that were scheduled for auction. Postponements are also counted. Source: PropertyShark Market Pulse section compiled by Keat Foong, executive editor. To comment, email kfoong@multi-housingnews.com. 16 September 2012 | Multi-Housing News
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